The trump PEAK is beaten

the Savings Bank considers risky to finance group PEAK on 12,75 mlrd (about $433 million) in spite of the fact that the developer has received state guarantees for this credit in the end of 2009. In the letter the bank has informed the Ministry of Finance that he is confused with the credit delayed on four month Nomos - to bank at a rate of $262 million without fines and penalties. The lack of money in the beginning of a building season can lead to delay of current projects PEAK and to absence of the new. in the end of March the Savings Bank has sent the letter to the Ministry of Finance in which has asked the Ministry of Finance to state a position concerning possibility of the further crediting of group PEAK, has told a source close to shareholders of the developer. The representative of the Savings Bank has informed on the letter on board of directors PEAK on March, 31st, the interlocutor &quot has specified; “. It is a question of a loan at a rate of 12,75 mlrd rbl. on development of the projects, announced by group in second half of 2009. In September the commission under the direction of the first vitse - prime minister Igor Shuvalov has approved reception by group of state guarantees for the sum 14,375 mlrd rbl. the Savings Bank should give out to the developer 28,75 mlrd rbl., from them nearby 14 mlrd rbl. have gone on re-structuring of existing debts, 12,75 more mlrd it was supposed to direct rbl. on realisation of building projects.

in the Ministry of Finance yesterday could not confirm the fact of reception of the letter. But the source in the Savings Bank knows that such inquiry prepared. “ we consider that, considering a situation with Nomos - bank, risky to give out the credit PEAK. The credit committee of the Savings Bank has not approved a loan “ - the manager has explained.

the first vice-president of group the PEAK of Artem Ejramdzhants has confirmed letter existence. “ in our opinion, it has technical character “ - he has declared. As he said, in group count on credit reception in the Savings Bank in the near future.

the Group the PEAK, one of the largest builders of inhabited real estate in Russia, is based in 1994 by Cyril Pisarev and Yury Zhukov. Since spring 2009 - go the largest shareholder the PEAK is “ Nafta Moscow “ Sulejmana Kerimova, now, under the different data, belongs to it from 35 to 45 %. Pisarev and Zhukov`s misters for two had 33 % (25 % are put under the credit in Nomos - bank). Debt loading on the beginning of year made 37,29 mlrd rbl. company Capitalization on LSE yesterday has made $2,66 billion

the Problem creditor about whom the Savings Bank worries, has appeared at PEAK in the end of the last year: Nomos - the bank has redeemed a loan of the developer at a rate of $262 million without fines and penalties at veba. Under this credit 25 % plus one action of founders of group of Cyril Pisarev are put and Yury Zhukov. When term of repayment of the credit has expired, Nomos - bank has agreed about re-structuring only with one of guarantors - mister Pisarev. Yury Zhukov on the offered conditions has disagreed, and in February the bank has submitted the claim with the requirement to collect from the businessman of 12,5 % of the put actions PEAK. Yesterday in Nomos - bank have noticed that shortly the court will appoint legal investigation date in the first instance. Mister Zhukov is afraid to lose the put actions. “ all actions of Nomos - bank are directed not on credit prolongation, and on reception of the put actions extrajudicially “ - its representative explains.

earlier in group PEAK said that expect receipt of the first tranche from the Savings Bank at the rate about 2 mlrd rbl. in February. “ these are money for current and new projects of the company, now their reception it is especially actual in connection with the beginning of a building season “ - the interlocutor &quot explained; “. Largest of under construction projects PEAK - housing estates in New Kurkino and Mytischi, approximately on 1 million in sq. m everyone. These projects basically are under construction on money from sales of apartments, and the Savings Bank credit is calculated mainly on new projects, confirms a source in PEAK. Probably, money the developer will be helped by its largest shareholder “ Nafta Moscow “ assumes one of partners PEAK. To one more of variants can become SPO the developer for the sum of an order of $500 million, which possibility on March, 31st the board of directors also considered PEAK (see “ “ from March, 24th). In the company “ Nafta Moscow “ have refused comments.